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Management Report 2025 CONFIDENTIAL NVGS First Quarter 2025 Earnings Presentation May 15, 2025
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CORPORATE PRESENTATION 2025 Forward Looking Statements This presentation contains certain statements that may be deemed to be “forward- looking statements” within the meaning of applicable federal securities laws. Most forward-looking statements contain words that identify them as forward-looking, such as “may”, “plan”, “seek”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “project”, “opportunity”, “target”, “goal”, “growing” and “continue” or other words that relate to future events, as opposed to past or current events. All statements, other than statements of historical facts, that address activities, events or developments that Navigator Holdings Ltd. (“Navigator” or the “Company”) expects, projects, believes or anticipates will or may occur in the future, including, without limitation, acquisitions of vessels, the outlook for fleet utilization and shipping rates, general industry conditions, future operating results of the Company’s vessels and other assets and joint ventures, capital expenditures, expansion and growth opportunities, business strategy, ability to pay dividends and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this presentation are based on reasonable assumptions, actual results may differ any expectations or goals expressed in, or implied by, the forward-looking statements included in this presentation, possibly to a material degree. Navigator cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any long-term financial goals will be realized. All forward-looking statements included in this presentation speak only as of the date made, and Navigator undertakes no obligation to update or revise publicly any such forward-looking statements, whether as a result of new information, future events, or otherwise. In particular, Navigator cautions you not to place undue weight on certain forward-looking statements pertaining to potential growth opportunities or long-term financial goals set forth herein. 2
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Contents ▪ Highlights ▪ Financial Update ▪ Commercial Update ▪ Recent Developments ▪ Q&A ▪ Appendices
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CORPORATE PRESENTATION 2025 ▪ USTR port fees are not expected to directly affect our operations in the US as our vessels predominantly arrive empty to export cargos and are smaller than the de minimis size of 55,000 dwt under the proposed rules. ▪ Chinese import tariffs on U.S. NGLs have been significantly reduced—currently 1% for ethane and 11% for ethylene and LPG is down from prior levels of 125%, creating more normal trading conditions. ▪ 2Q 2025 utilization is expected to ease slightly though average TCE rates appear to be holding up. ▪ April saw disruptions due to tariff uncertainty and cargo cancellations. However, recent progress in U.S.-China trade negotiations has improved visibility and is expected to support a return to higher utilization. ▪ Ethane spot activity has already rebounded following tariff exemptions, with several new fixtures booked. ▪ Morgan’s Point terminal set to benefit from stable U.S. ethylene fundamentals and normalized pricing around $400/MT. Export volumes rose in April and are expected to climb further in May, with flex capacity now scheduled for activation. ▪ Supply picture remains attractive with a minimal Handysize orderbook of 9%, compared to 22% of the fleet currently above 20 years of age. Outlook ▪ Average TCE* of $30,476/day for 1Q 2025 compared to $28,341/day for 4Q 2024 and $28,339/day for 1Q 2024. ▪ Fleet utilization strong at 92.4% for 1Q 2025 compared to 92.2% for 4Q 2024 and 89.3% for 1Q 2024. ▪ Ethylene Export Terminal throughput was 85,553 tons for 1Q 2025, compared to 220,703 tons for 1Q 2024, down primarily due to US cracker turnarounds reducing domestic supply, which increased domestic prices, and which limited export arbitrage opportunities. ▪ Following completion of our Ethylene Export Terminal Expansion Project in December 2024, we contributed a final payment of $4m in January 2025 for a total capital contribution of $128m, all financed from cash on hand . ▪ Took delivery in February and March 2025 of three German-built 17,000 cbm ethylene vessels, complementing the increased export capacity now available from our Ethylene Export Terminal. ▪ On May 13, 2025 we sold our oldest vessel, Navigator Venus, a 2000-built 22,085 cbm gas carrier to a third party for net proceeds of $17.5m, which will result in a gain of $12.8m in our 2Q 2025 results; this was our fifth vessel sale since January 2022. Commercial ▪ Reporting record Total Operating Revenue of $151m for 1Q 2025, up 12.9% from 1Q 2024. ▪ Adjusted EBITDA of $72.8m for 1Q 2025, compared to $73.4m for 4Q 2024 and $74.1m for 1Q 2024. ▪ Net income attributable to stockholders of $27.0m for 1Q 2025, or $0.39 per share. Adjusted net income attributable to stockholders of $25.5m, or $0.37 per share. ▪ Cash of $139m at March 31, 2025, after $9.1m equity contribution towards 3 acquired vessels and $21m towards building our new MGC vessels. ▪ Issued $40m of new unsecured bonds under tap issue in March 2025, priced at par 7.25% with cash received in April. ▪ Repurchased 136,295 shares for $1.9m (average price of $14.17 per share), and paid a cash dividend of $3.5m (or $0.05/share) in respect of 4Q 2024. ▪ On May 14, 2025, declared a $0.05/share cash dividend, plus planning $3.3m of share buybacks to equal 25% of net income in respect of Q1 2025. ▪ Announced a new share repurchase plan authorization for up to $50m of the Company's common stock. ▪ Signed competitive and well-supported new $300m financing facility on May 2, 2025, generating additional liquidity of $142m, with target drawdown end May 2025. Financial Highlights – Strong Start To 2025 Despite Market Uncertainty And Volatility * TCE (time charter equivalent) excludes our 9 owned smaller vessels that are commercially managed in the independent Unigas Pool.CORPORATE PRESENTATION 2025 4
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CORPORATE PRESENTATION 2025 Financial Update
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CORPORATE PRESENTATION 2025 6 Income Statement – Record Quarterly Revenue, TCE Above $30,000/day *With the exception of daily vessel operating expenses, all other data in the table above excludes the 9 owned smaller vessels that are commercially managed in the independent Unigas Pool. ▪ Strong operational performance in 1Q 2025: ▪ highest on record operating revenues of $151.4m and ▪ robust Adjusted EBITDA of $72.8m. ▪ Net income attributable to stockholders of Navigator Holdings Ltd. of $27.0m, and basic earnings per share (‘EPS’) of $0.39, including $4.8m from historic insurance claim recorded in Other Income. ▪ Adjusted net income (excluding unrealized gains/losses on derivatives instruments, foreign exchange and other income/insurance claims) was $25.5m, giving Adjusted EPS of $0.37. ▪ Ethylene terminal throughput volumes in 1Q 2025 were 85,553 tons resulting in a loss for the quarter of $0.9m however we expect the terminal to return to profitability in 2Q 2025. Fleet Data 2024 2025 Q1 Q1 Weighted average number of vessels* 47.0 48.0 Ownership days 4,277 4,321 Available days 4,220 4,234 Operating days 3,770 3,913 Fleet utilization 89.3% 92.4% Average daily results in quarter: Time charter equivalent $28,339 $30,476 Daily vessel operating expense $8,176 $8,965 (US$’000) 2024 2025 Q1 Q1 Unaudited Unaudited Operating revenues 121,020 139,903 Operating revenues – Unigas Pool 13,135 11,504 Total operating revenues 134,155 151,407 Brokerage commissions (1,626) (1,915) Voyage expenses (14,183) (20,661) Vessel operating expenses (42,118) (47,014) Depreciation and amortization (33,441) (34,186) General and administrative costs (6,480) (8,124) Total operating expenses (97,848) (111,900) Operating income 36,307 39,507 Unrealized loss on non-designated derivative instruments (447) (2,262) Net interest expense (13,245) (11,571) Unrealized foreign exchange (loss) / gains (880) (991) Other Income - 4,801 Income taxes (1,206) 143 Share of result of joint venture 4,390 (904) Net income 24,919 28,723 Net income attributable to non-controlling interest (2,346) (1,687) Net income attributable to stockholders of NVGS 22,573 27,036
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CORPORATE PRESENTATION 2025 7 Balance Sheet Strength and Liquidity Continues To Improve ▪ Strong balance sheet with sustained liquidity, despite paying out $26.3m for scheduled loan repayments, $9.3m equity contribution towards our 3 acquired vessels, $1.9m in share buybacks, and $21m in progress payments towards our MGC newbuild vessels, all in 1Q 2025. ▪ Cash balance as of March 31, 2025, does not include $40m of new unsecured bonds, issued at par with proceeds received in April; nor our new $300m facility that will bring $142m of new liquidity when drawn (target end of May 2025). ▪ On May 13, 2025, sold one of our oldest vessels, the 2000-built Navigator Venus, for net proceeds of $17.5m, generating a book gain of $12.8m in 2Q 2025. ▪ Total cash at May 14, 2025 now $211m. Proforma liquidity stands to further increase after our new credit facility drawdown targeted in late May 2025. Strong liquidity position even after recent uses of cash (US$’000) December 31 March 31 2024 2025 Audited Unaudited Assets Cash, cash equivalents and restricted cash 139,797 139,018 Other current assets 80,587 90,814 Total current assets 220,384 229,832 Vessels, net 1,653,607 1,708,525 Vessels under construction 41,589 62,990 Equity method investments 253,729 256,825 Other assets 11,320 8,166 Total assets 2,180,629 2,266,338 Liabilities and equity Net current portion of debt 250,087 124,291 Other current liabilities 68,686 84,026 Total current Liabilities 318,773 208,317 Net long-term debt 603,441 777,851 Other non-current Liabilities 12,051 11,331 Total liabilities 934,265 997,499 Equity 1,205,469 1,227,857 Non-controlling interest 40,895 40,982 Total liabilities and equity 2,180,629 2,266,338 9 9 48 49 119 131 91 162 68.5 196 140 139 211 0.0 50.0 100.0 150.0 200.0 250.0 30 Sep, 2024 31 Dec, 2024 31 Mar, 2025 14 May, 2025 $MM Restricted cash Available Cash & Cash Equivalents Undrawn vessel facilities Total liquidity
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CORPORATE PRESENTATION 2025 8 ▪ May 2, 2025: entered into a senior secured term loan and revolving credit facility of up to $300m to repay the Company’s existing September 2020 and October 2023 secured loan facilities of $143m and $14.7m in outstanding balances, respectively. Thereafter the remaining funds are to be available for general corporate purposes. The facility has a tenor of six years, maturing in 2031, bears quarterly interest at SOFR plus 170 basis points, and is secured by eight of the Company’s vessels. We are targeting drawdown of this facility at the end of May 2025. ▪ March 28, 2025: issued a $40m tap of our existing Senior Unsecured Bonds in the Nordic market priced at the same 7.25% coupon (which implied a credit spread around 15bps tighter than our original bond issuance in October 2024, which itself was then the lowest spread ever done in this market for a USD denominated shipping bond). ▪ On February 7, 2025, entered into a $74.6 million senior secured term loan to partially finance the purchase of three German-built 17,000 cubic meter capacity, ethylene-capable liquefied gas vessels. This facility is initially non-amortizing and bears interest at a rate of Term SOFR plus 180 basis points and matures after 18 months. At that time we have an option to extend for a further 18 months on payment of a $25 million balloon and at that point the facility would become amortizing. Extended Debt Maturities, Improved Liquidity, Reduced Financing Costs No debt maturities in the next 12 months $140m $29m $32m $56m $11m $25m $28m $25m $50m $86m 0 50 100 150 200 250 2025 2026 2027 2028 2029 2030 2031 2032 $m $300 million facility $75 million facility $147.6 million facility $200 million facility $111.8 million facility $151 million facility $67 million facility $140 million Bond Debt Facility Summary Original facility amount ($m) At Mar 31, 2025 ($m) Change ($m) Proforma at May 31, 2025 ($m) Margin (bps) Facility maturity date Sep 2020 $210m 210.00 143.42 -143.42 - 250 Sep 2025 Mar 2019 $75m 75.00 8.36 - 8.36 300 Dec 2025 May 2019 $67m 66.95 34.94 - 34.94 190 Jun 2026 Oct 2013 $58m 57.70 10.80 - 10.80 205 Apr 2027 Oct 2013 $81m 81.00 15.65 -15.65 - 205 May 2027 Feb 2025 $75m 74.60 74.60 - 74.60 180 Feb 2028 Jul 2015 $61m 60.90 19.03 - 19.03 205 Dec 2028 Dec 2022 $112m* 111.81 80.44 -28.53 51.91 209 Dec 2028 Jul 2015 $56m 55.82 18.61 - 18.61 205 Jan 2029 Mar 2023 $200m 200.00 133.43 - 133.43 210 Mar 2029 Oct 2024 $140m 140.00 100.00 +40.00 140.00 725** Sep 2029 Dec 2022 $151m 151.29 128.04 - 128.04 220 Dec 2029 Aug 2024 $148m* 147.60 141.50 -40.00 101.50 190 Aug 2030 May 2025 $300m 300.00 - +300.00 300.00 170 May 2031 Total 908.82 +112.4 1,021.22 Proforma cash, May 31, 2025*** 256.62 Proforma net debt, May 31, 2025 764.92 Proforma LTV, May 31, 2025 36% * Potential repayment of RCF component of facility ** Senior unsecured bonds at fixed rate *** Includes proceeds from Mar 2025 bond tap issue and sale of Navigator Venus, plus new $300m net refinance (see above), less next Panda vessel instalments of $20.5m due end May 2025, less 25% of net income shareholder return
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CORPORATE PRESENTATION 2025 9 ▪ Substantial reduction in Net debt / Adjusted EBITDA (LTM) since 2019, falling to 2.6x as of March 31, 2025 (LTM). ▪ Net debt to capitalization of 38% as of March 31, 2025. ▪ Continuing to reduce debt with an average of $124m of annual scheduled pro forma debt amortization per year from 2025 to 2027 . ▪ We are targeting to further reduce our average cost of debt, and we are exploring various pockets of finance as well as tradi tional bank debt that may help us to achieve this. ▪ In the quarter we paid a further $21m towards our MGC newbuild vessels, a final capex contribution of $4m for the Terminal Ex pansion Project, $26.3m in scheduled loan repayments, $9.3m in equity contributions towards our three recently acquired secondhand vessels, and $1.9m in share buybacks. Leverage Remains Comfortable Providing Substantial Financial Flexibility Indicative Quarterly Loan Repayment ProfileNet-Debt to Adjusted EBITDA (plus last 12 months) 6.6 6.4 7.5 6.6 5.3 3.4 2.6 2.4 2.6 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 2017 2018 2019 2020 2021 2022 2023 2024 LTM $26 $29 $37 $26 $27 $31 $31 $31 $36 $34 $33 $31 $118 $120 $136 $0 $20 $40 $60 $80 $100 $120 $140 $160 2025 2026 2027 $m Q1 Q2 Q3 Q4
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CORPORATE PRESENTATION 2025 10 Lean Operations and Robust Cost Management Provides Strong Base ▪ Continuing low all-in cash breakeven levels allow Navigator to report positive quarterly EBITDA, even in the toughest market con ditions, and remain cashflow positive throughout the shipping cycle. ▪ All-in estimated cash breakeven for 2025 at $20,600 includes $118m of forecast debt amortization. ▪ Expense guidance for 2025 is higher than 2024 primarily due to the acquisition of three Handysize ethane/ethylene carriers delivered in 1Q 2025 . Estimated All-in Cash Breakeven 2025 of $20,600 per day Expense Guidance for 2025 Daily OPEX Mid-sized $11,100/day Semi-ref ethylene $8,800/day Semi-ref LPG $9,000/day Fully ref LPG $9,500/day Small LPG $8,050/day Q2 2025 Estimates Vessel OPEX $47m - $48m Cash G&A $8.5m - $9.2m Depreciation $34m - $35m Cash Interest Expense $13m - $14m Full Year 2025 Estimates Vessel OPEX $190m - $192m Cash G&A $36m - $37m Depreciation $134m - $136m Cash Net Interest Expense $56m - $58m $450 $1,700 $2,600 $5,570 $1,300 $8,980 $11,130 $19,300 $20,600 OPEX Broker Commission G&A costs EBITDA Breakeven Net interest expense Debt Amortization Cash Breakeven Drydocking CAPEX Cash Breakeven $0 $5,000 $10,000 $15,000 $20,000 $25,000
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CORPORATE PRESENTATION 2025 11 Strong And Stable EBITDA Consistency With Upside To Higher TCE Rates ▪ Robust Adjusted EBITDA of $72.8m; nine quarters in a row have resulted in at least $68m of quarterly adjusted EBITDA. ▪ We expect 2Q 2025 Adjusted EBITDA to be robust and believe full -year 2025 will be strong. ▪ Figures below include our share of results from the Ethylene Export Terminal Joint Venture which was a loss of $0.9m in 1Q 20 25, however we expect Terminal throughput for 2Q 2025 to be materially higher than 1Q 2025 as export arbitrage opportunities re -open. ▪ Annual EBITDA generation is still primarily driven by shipping operations, with every +$1,000/day in TCE adding ~$19m in annual EBITDA and $0.27 in annual EPS. Historical Adjusted EBITDA Potential Annual Adjusted EBITDA Generation $31 $29 $39 $60 $55 $55 $42 $56 $69 $69 $72 $72 $74 $78 $68 $73 $73 ($1) $2 $3 $6 $7 $7 $5 $8 $5 $6 $4 $6 $4 $5 $2 $6 ($1)($10) $0 $10 $20 $30 $40 $50 $60 $70 $80$m Adjusted EBITDA Ethylene JV Net Income $293 $292 $291 $310 $329 $348 $366 $385 $0 $50 $100 $150 $200 $250 $300 $350 $400 2024 EBITDA LTM EBITDA Annualized 1Q25 EBITDA +$1,000/ day +$2,000/ day +$3,000/ day +$4,000/ day +$5,000/ day $m
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CORPORATE PRESENTATION 2025 Commercial Update
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CORPORATE PRESENTATION 2025 13 Company A Comparison Company B Company B $1,100k month / $36,000pd: Handy Ethylene 100% Petrochemicals, Majority Spot $950k month / $31,250pd: Handy Semi-Refrigerated Easy Petrochemicals, LPG and Ammonia Half Contract Half Spot $785k month / $25,000pd: Handy Fully-Refrigerated Ammonia, Majority Contracted Source: Clarksons, 2025 Time Charter Rates Relatively Robust: Handysize Ethylene and Semi- Refrigerated Vessels Rates Holding Firm Despite Market Uncertainties $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TC Hire per calendar month ('000s) 12-month timecharter assessment
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CORPORATE PRESENTATION 2025 Earnings Days Spread Across Several Commodities with Petrochemicals Currently Contributing 47% of our Earnings Days 14 ▪ Utilization: Average utilization in 1Q 2025 held strong at 92.4%, continuing the above-90% trend seen throughout 2024. ▪ Cargo Segments: Petrochemicals contributed 47% of earnings, followed by propane and butane at 35%, and ammonia at 18%. ▪ Outlook: Utilization dipped to 83% in April 2025 amid tariff uncertainty and a sharp drop in spot trades. However, with improved tariff clarity, cargo flows have stabilized and utilization has since rebounded. ▪ Forward Cover: We currently have 41% of our earnings days for the next 12 months fixed at an average TCE of $31,040/day. LPG Spot Ammonia Spot LPG Spot Petchems TC Petchems Spot 90.5% 86.5%85.8%85.7% 83.9% 88.6% 86.0% 90.5% 87.7% 82.1% 92.5% 94.1% 91.8%92.7%92.6% 85.9% 87.9% 85.1%85.4% 83.9% 85.9% 90.9% 84.4% 86.2% 94.4% 92.6% 88.2%86.7% 91.3% 92.9%92.1% 90.5% 80.1%79.9% 90.1%89.3%89.9% 82.3%81.9% 84.6% 88.1% 83.0%83.9% 87.0% 83.2% 90.9%90.7% 96.4%97.3% 84.1%85.4% 83.6% 91.4%90.0%89.3% 75.8% 71.4% 84.5% 93.3% 95.2%96.1% 84.5%83.9% 86.9% 86.9%82.2% 89.5% 82.4% 80.8% 87.3% 91.3% 95.4% 92.6% 88.3% 87.5% 94.2% 85.3% 83.0% 85.7% 82.9%86.2% 94.4% 91.2% 96.8% 98.6% 98.8%95.0% 86.9% 89.5% 87.5% 94.2% 93.0% 93.0% 86.0% 93.0% 95.1% 89.8% 87.7% 90.5% 91.4% 94.7%94.2% 91.1% 88.8% 92.0% 93.8% 93.0% 90.5% 83.3% 0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 Ammonia TC Ammonia Spot LPG TC LPG Spot Petchems TC Petchems Spot Utilisaton% Earning days vs Utilization LPG TC Ammonia TC
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CORPORATE PRESENTATION 2025 15 ▪ LPG: China imposed a 125% tariff on U.S. LPG cargoes arriving after May 13. This has now been reduced to 11% for a 90-day period. U.S. volumes have been redirected to Indonesia, Japan, and South Korea, while China turns to the Middle East. Lower tariffs are expected to restore some of the direct trade with China. ▪ Ethane: Tariffs peaked at 125% but were reduced to 1% by late April. Spot market volatility early in the month caused trade disruptions and cancellations. Flows have since normalized to pre-tariff levels. ▪ Ethylene: U.S. ethylene faced a 125% tariff, now reduced to 11%. Despite this, China has consistently imported ~10% of U.S. ethylene since Morgan’s Point commenced commercial operations in 2020. Europe and Southeast Asia remain the dominant destinations for US ethylene exports. Beryl + Shut-Downs Chinese Import Tariffs on U.S. NGLs: Varying Degrees of Impact $884 $1,026 $1,183 $1,161 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2020 2021 2022 2023 2024 2025 Regional % Share of US Ethylene Exports Americas Europe Asia non-China China Avg Handy Ethylene TC Rate $kpcm 0 50 100 150 200 250 300 0 100 200 300 400 500 600 700 800 900 1000 2020-01 2020-05 2020-09 2021-01 2021-05 2021-09 2022-01 2022-05 2022-09 2023-01 2023-05 2023-09 2024-01 2024-05 2024-09 2025-01 Monthly U.S. Ethane Exports, (‘000s mts) Asia Europe Americas Handysize Volume (RH) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2025-01 2025-02 2025-03 2025-04 2025-05 Regional % Share of US LPG Exports China Asia excl China Americas Europe Africa Unknown Source: Kpler, Clarksons 2025 $kpcm
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CORPORATE PRESENTATION 2025 U.S. Ethylene Pricing Recently Reverted to ~$400pmt Enabling Robust Exports 16 Source: Argus, Kpler, 2025 ▪ Ethane Feedstock: U.S. ethane remains cost-competitive, enabling low ethylene production costs and steady international demand ▪ Ethylene Pricing: Ethylene prices have normalized around $400/mt—consistent with historical averages in stable markets ▪ Arbitrage Opportunity: Stable global pricing sustains a profitable export arbitrage to both Europe and Asia. ▪ Trade Pattern: Europe remains the dominant export destination, supported by favourable margins 0% 20% 40% 60% 80% 100% 120% 0 20 40 60 80 100 120 140 2020-11 2021-02 2021-05 2021-08 2021-11 2022-02 2022-05 2022-08 2022-11 2023-02 2023-05 2023-08 2023-11 2024-02 2024-05 2024-08 2024-11 2025-02 % Destination ‘000s Kt U.S. Ethylene Exports & Destination Morgan's Point Targa C2 Europe Asia $179 $217 $396 $100 $294 $790 FOB Ethane Cracker Margin FOB Ethylene Export Terminal Logistics Freight Asia Delivered Price $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 U.S. Ethylene Value Chain, $pmt $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 01 2022 04 2022 07 2022 10 2022 01 2023 04 2023 07 2023 10 2023 01 2024 04 2024 07 2024 10 2024 01 2025 04 2025 USD/PMT US/Europe/Asia Ethylene & US Ethane Ethylene Delivered North Europe Ethylene USG Ethylene Delivered North Asia Ethane Mt Belvieu
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CORPORATE PRESENTATION 2025 17 Fleet Supply Picture Remains Attractive with Low Handysize Orderbook Very Large Gas Carrier >60,000 cbm Large Gas Carrier 59,000 – 60,000 cbm Medium Gas Carrier 25,000 – 48,000 cbm Handysize Gas Carrier 15,000 – 24,999 cbm Small Gas Carrier 3,000 – 13,000 cbm Fully-Refrigerated Ethylene & Ethane Fully-Refrigerated Fully-Refrigerated Ethylene & Ethane Fully-Refrigerated Semi-Refrigerated Ethylene 402 30 21 137 16 27 60 38 109 60 4 64 6 5 3 3 39% 19% 46% 9% 6% 5 + 4 NBs 44* 9 61 10 19 27 196 Existing Number of Vessels Vessels On Order % of Fleet (# vessels) Navigator Fleet # of Vessels >20 years Order book Ethylene Semi-Refrigerated Pressurised 442 84 121 30 4 4 Handysize segment well positioned on the supply side, with only 9% on order and 22% of existing fleet above 20 years of age. Source: Steem1960, 2025*includes 60% of 5 vessels owned via the Greater Bay JV
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CORPORATE PRESENTATION 2025 Recent Developments
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CORPORATE PRESENTATION 2025 19 Declared Another $0.05/Share Quarterly Dividend, Continuing To Repurchase Shares ▪ Our Return of Capital policy includes a fixed quarterly cash dividend of $0.05 per share with an additional return of capital to equal at least 25% of net income. ▪ Whenever quarterly Adjusted EPS > $0.20, additional capital will be returned via a larger cash dividend and / or share buybac ks depending on the share price. ▪ During 1Q 2025, we repurchased 136,295 of NVGS common shares totaling $1.9m at an average price of $14.17 per share. ▪ On May 14, 2025, the Board declared a cash dividend of $0.05/share payable on June 17, 2025, to all shareholders of record as of May 29, 2025, equating to a quarterly dividend payment of $3.5m. ▪ Additionally, as part of our quarterly Return of Capital policy, and with NVGS trading well below estimated NAV of ~$27 per s hare, we expect to repurchase approximately $3.3m of NVGS common shares between now and June 30, 2025, such that the cash dividend and share repurchases together equal 25% of net income ($6.8m). 1Q 2025 Quarterly Return of Capital Table ($m) Net Income $27.0 25% of Net Income $6.8 Split as: Cash Dividend ($0.05 per share x 69.3m shares) $3.5 Share repurchases anticipated during 2Q 2025 $3.3 $6.8 Illustrative Quarterly Return of Capital Table Earnings Per Share Fixed Additional Dividend or Per Share Payout - 25% Dividend Share Repurchases <$0.20 $0.05 $0.05 - $0.25 $0.0625 $0.05 $0.013 or $0.9m for buybacks $0.30 $0.075 $0.05 $0.025 or $1.7m for buybacks $0.35 $0.0875 $0.05 $0.038 or $2.6m for buybacks $0.40 $0.10 $0.05 $0.05 or $3.5m for buybacks $0.45 $0.1125 $0.05 $0.063 or $4.4m for buybacks $0.50 $0.125 $0.05 $0.075 or $5.2m for buybacks $0.55 $0.1375 $0.05 $0.088 or $6.1m for buybacks $0.60 $0.15 $0.05 $0.10 or $7.0m for buybacks All based on 69.3m shares outstanding
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CORPORATE PRESENTATION 2025 20 Announcing Board Approval for New $50 MM Share Buyback Program ▪ Yesterday, we announced the Board’s authorization for a new share repurchase program of up to $50 million of NVGS common stock, to be implemented via open market purchases, privately negotiated transactions, or in accordance with an approved trading plan (under Rule 10b5- 1). ▪ This new share repurchase authorization is in addition to our quarterly share repurchases connected to our Return of Capital policy. ▪ Reasons for share buybacks: Repurchasing shares at less than NAV/share is an accretive use of cash and boosts the NAV/share; Provides additional support and a theoretical floor for the share price (deterring the shorting of shares); Reduces share count and in creases EPS; Share price was >$17 in February but has been sold off with the broader markets; Diversifies uses of cash: debt repayment, fleet re newal, energy infrastructure projects, capital returns to shareholders. ▪ AGP - Buy rating - $24 price target ▪ Fearnleys - Buy rating - $23 price target ▪ Citi - Buy rating - $22 price target ▪ Clarksons - Buy rating - $20 price target ▪ DNB - Buy rating - $18 price target ▪ Jefferies - Buy rating - $18 price target ▪ Arctic - Hold rating - $14 price target ▪ Average price target of ~$20
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CORPORATE PRESENTATION 2025 Ethylene Export Terminal Throughput Increasing Substantially Following Soft 1Q25 21 ▪ Throughput during 1Q25 was low as many US Gulf ethylene crackers underwent turnarounds resulting in reduced US ethylene suppl y and high US ethylene prices; consequently, throughput volumes decreased to 85,553 tons for 1Q 2025. ▪ In April, throughput increased to a 6-month high of 66,000 tons as the US domestic ethylene price fell from $0.30/ lb ($660/ton) in March to $0.20/lb ($440/ton) in April, substantially widening the arbitrage to both Europe and Asia. ▪ With the domestic US ethylene price now back down to ~$400/ton, throughput in May will exceed the volumes in April, and the F lex Train will be utilized this month. As a result of the increased throughput volumes, we expect the terminal to return to historical profitability lev els in 2Q 2025. ▪ We contributed the final Flex Train capex payment of $4m in January 2025 for a total contribution of $128m, all financed from cash on hand. ▪ Still actively negotiating various term sheets with multiple potential off -takers with contracts commencing in 2H25 or 2026. We continue to expect that additional offtake capacity will be contracted in the coming months as new customers continue to request terms. Ethylene Export Terminal Throughput (metric tons) 0 20,000 40,000 60,000 80,000 100,000 120,000 US (Mont Belvieu) Domestic Ethylene Price (cents/pound) Source: WoodMac 2025 Update color scheme 0 5 10 15 20 25 30 35 40 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Sep-26 Nov-26 Ethane-based margins Actual prices Last month's forecast Current Forecast ~20 cents/pound for a while
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CORPORATE PRESENTATION 2025 22 Fleet Renewal Ongoing: Selling Oldest Vessels, Completed Ethylene Carrier Deliveries ▪ During 1Q25, we took delivery of the three German-built 17,000 cbm vessels that we agreed to acquire in December 2024, complementing the increased export capacity from our Ethylene Export Terminal Joint Venture. ▪ The three secondhand Handysize ethylene carriers were purchased for a total price of $83.9m, the majority of which was financed through new debt ($74.6m) and the remainder from available cash. New Name Size (cbm) Year Built Delivery Date Navigator Hyperion 17,000 2010 February 2025 Navigator Titan 17,000 2010 February 2025 Navigator Vesta 17,000 2009 March 2025 ▪ Current fleet is now 11.9 years of age with an average size of 20,816 cbm. Vessel Name Size (cbm) Year Built Navigator Pluto 22,085 2000 Navigator Saturn 22,085 2000 Vessel Name Size (cbm) Year Built Age at Sale Sale Price $m Sale Date Navigator Neptune 22,085 2000 21.1 $21.0 January 14, 2022 Happy Bird 8,600 1999 22.5 $6.1 March 7, 2022 Navigator Magellan 20,900 1998 24.1 $12.7 November 23, 2022 Navigator Orion 22,085 2000 23.3 $20.9 May 2, 2023 Navigator Venus 22,085 2000 24.7 $17.5 May 13, 2025 ▪ We recently sold our oldest vessel, Navigator Venus, a 2000-built 22,085 cbm gas carrier to a third party for $17.5 million netting a gain of $12.8 million; this was our fifth vessel sale since January 2022. ▪ We continue to engage buyers who are showing interest in acquiring our two remaining Handysize vessels built in 2000, both of which are debt free.
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CORPORATE PRESENTATION 2021 23 23CORPORATE PRESENTATION 2025 Energy Infrastructure Shipping ▪ Record quarterly operating revenue, Adjusted EBITDA of $72.8m, Adjusted Net Income attributable to stockholders of NVGS of $25.4m, or $0.37 per share. ▪ Our several recent debt transactions have extended our debt maturities, improved our already strong liquidity, helped reduce our interest expense; all providing further financial flexibility. ▪ We continue to pay quarterly cash dividends and to buyback shares with another $6.8m return of capital to come during 2Q 2025. ▪ In addition to the existing return of capital policy, the Board authorized a new share repurchase program of up to $50 million of NVGS common stock. Financial 2025 Off To A Robust Start; Ethylene Export Terminal Throughput Now Increasing ▪ Average fleet utilization was 92.4% for Q1 2025 and average TCE earned was $30,476/day. Utilization in 2Q 2025 expected to drop slightly, but with average TCE rates remaining robust. ▪ Took delivery of three secondhand ethylene carriers in 1Q 2025 and recently sold 2000- built Navigator Venus. ▪ Ethane exports from the U.S. has supported robust earnings and utilization for our ethylene capable vessels. Ethylene fixtures now ramping up. ▪ Supply picture remains attractive with a minimal Handysize orderbook and an ageing global fleet. ▪ Following the completion of our Ethylene Export Terminal expansion in December, Navigator contributed a final capex payment of $4m in January 2025 for a total of $128m. ▪ Ethylene export volumes through our terminal fell during 1Q 2025 due to US cracker turnarounds and elevated US domestic prices, but throughput rebounded in April, and further increases are expected in May; the flex train expansion capability to be utilized this month. ▪ Pre-FEED studies for Ten08 clean ammonia export project expected to be completed by June; numerous conversations ongoing with potential offtakers.
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CORPORATE PRESENTATION 2025 Q&A
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CORPORATE PRESENTATION 2025 Appendices
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CORPORATE PRESENTATION 2025 26 NVGS Fleet List as of May 14, 2025 (page 1 of 2) *denotes our owned vessels that operate within the independently managed Unigas Pool Operating Vessel Year Built Size (cbm) Employment Status Current Cargo Navigator Aurora Navigator Eclipse Navigator Nova Navigator Prominence Navigator Pluto Navigator Saturn Navigator Atlas Navigator Europa Navigator Oberon Navigator Triton Navigator Umbrio Navigator Luna Navigator Solar Navigator Castor Navigator Equator Navigator Vega Navigator Hyperion Navigator Titan Navigator Vesta Happy Condor* Happy Pelican* Happy Penguin* Happy Kestrel* Happy Osprey* Happy Peregrine* Happy Albatross* Happy Avocet* Happy Falcon* 2016 2016 2017 2017 2000 2000 2014 2014 2014 2015 2015 2018 2018 2019 2019 2019 2010 2010 2010 2008 2012 2013 2013 2013 2014 2015 2017 2002 37,300 37,300 37,300 37,300 22,085 22,085 21,000 21,000 21,000 21,000 21,000 17,000 17,000 22,000 22,000 22,000 17,300 17,300 17,300 9,000 6,800 6,800 12,000 12,000 12,000 12,000 12,000 3,770 Time Charter Time Charter Time Charter Time Charter Spot Spot Spot Time Charter Time Charter Spot Time Charter Time Charter Time Charter Time Charter Spot Spot Spot Spot Spot Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Unigas Pool Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethane Ethylene Ethane Ethane — Ethane — — — — — — — — — — December 2026 March 2026 September 2026 March 2026 — — — January 2026 May 2025 — January 2026 May 2025 March 2027 June 2025 — — — — — — — — — — — — — — Time Charter Expiration Date Ethylene/ethane capable semi-refrigerated handysize Ethylene/ethane capable semi-refrigerated midsize Ethylene/ethane capable semi-refrigerated smaller size Semi-refrigerated smaller size
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CORPORATE PRESENTATION 2025 27 NVGS Fleet List as of May 14, 2025 (page 2 of 2) *denotes our owned vessels that operate within the independently managed Unigas Pool Navigator Aries Navigator Capricorn Navigator Gemini Navigator Pegasus Navigator Phoenix Navigator Scorpio Navigator Taurus Navigator Virgo Navigator Leo Navigator Libra Navigator Atlantic (ex Atlantic Gas) Adriatic Gas Navigator Balearic (Previously Balearic Gas) Navigator Celtic (Previously Celtic Gas) Navigator Centauri Navigator Ceres Navigator Ceto Navigator Copernico Bering Gas Navigator Luga Navigator Yauza Arctic Gas Pacific Gas Navigator Glory Navigator Grace Navigator Galaxy Navigator Genesis Navigator Global Navigator Gusto Navigator Jorf Operating Vessel 2008 2008 2009 2009 2009 2009 2009 2009 2011 2012 2014 2015 2015 2015 2015 2015 2016 2016 2016 2017 2017 2017 2017 2010 2010 2011 2011 2011 2011 2017 Year Built 20,750 20,750 20,750 22,200 22,200 20,750 20,750 20,750 20,600 20,600 22,000 22,000 22,000 22,000 21,000 21,000 21,000 21,000 22,000 22,000 22,000 22,000 22,000 22,500 22,500 22,500 22,500 22,500 22,500 38,000 Size (cbm) Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Spot Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Time Charter Spot Time Charter Time Charter Spot Time Charter Time Charter Time Charter Time Charter Time Charter Spot Time Charter Time Charter Employment Status LPG LPG LPG LPG Ammonia LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG LPG Ammonia LPG LPG Ammonia Ammonia Ammonia LPG Ammonia Ammonia Ammonia Current Cargo May 2025 November 2025 July 2025 August 2025 November 2025 January 2026 June 2025 May 2025 — April 2026 September 2025 December 2025 January 2026 June 2025 May 2027 June 2025 May 2025 May 2025 — December 2025 July 2025 — November 2025 June 2025 September 2025 December 2025 April 2026 — September 2025 August 2027 Time Charter Expiration Date Semi-refrigerated handysize Fully-refrigerated
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CORPORATE PRESENTATION 2025 28 ▪ 14 vessels scheduled for drydocking during 2025, three of which have already completed. ▪ Estimate of 434 scheduled off-hire days, with budgeted drydocking capex of $27.6m in total across full -year 2025. ▪ Average cost of $6.8m per quarter, compared with current quarterly Adjusted EBITDA of $72.8m. ▪ Continuing to use drydocks to install energy savings technologies such as high -performance anti-fouling paint, propeller upgrades, and route optimization software to reduce emissions and fuel expenses. ▪ 12 vessels scheduled for drydocking in 2026 (estimated 320 scheduled off -hire days and $24.8m cost). ▪ 17 vessels scheduled for drydocking in 2027 (estimated 444 scheduled off -hire days and $34.3m cost). Drydockings Focus on Emissions Reductions and Fuel Savings Initiatives *Offhire days include 4 - 8 days per vessel for positioning / repositioning per drydocking. Our normal average drydocking period is 20 days per drydocking. Upcoming Drydock Costs Quarter / Year Off hire days Drydocking ($m) 1Q25 75 5.2 2Q25 192 10.8 3Q25 122 7.6 4Q25 45 4.0 2025 434 27.6 2026 320 24.8 2027 444 34.3 2025-2027 total 1,198 86.7 2025 - 2027 annual average 399 28.9 $5.2 $10.8 $7.6 $4.0 $27.6 $24.8 $34.3 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 1Q25 2Q25 3Q25 4Q25 2025 2026 2027 $m
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CORPORATE PRESENTATION 2025 Contact Investor Relations investorrelations@navigatorgas.com 29
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CORPORATE PRESENTATION 2025